11 Apr Binance Obtains In-Principle Approval From the Abu Dhabi Global Market
Less than a month after receiving a limited crypto asset license in Dubai, the world’s leading cryptocurrency exchange obtained an In-Principle Approval from the Financial Services Permission of Abu Dhabi Global Market.
The press release shared with CryptoPotato informed that the new licensing will allow Binance to operate as a broker-dealer for cryptocurrencies within the watchdog’s legal borders.
ADGM, which is the International Financial Center in the capital of the UAE, introduced “the world’s first comprehensive and robust virtual asset regulatory framework in 2018.” This aligns with the nation’s plans to become a cryptocurrency hub.
Binance already received a limited license in Dubai to operate as a cryptocurrency exchange in March this year but under certain conditions. Other digital asset exchanges, such as CryptoCom and FTX, followed suit as the latter even outlined plans to establish a regional HQ.
Speaking about the In-Principle Approval, the CEO of Abu Dhabi Global Market, Dhaher bin Dhaher, indicated that he was “pleased” with Binance’s approval and “excited” to support the company in expanding its presence in Abu Dhabi.
“ADGM is the largest regulated jurisdiction of virtual assets in MENA region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers.” – he concluded.
Richard Teng, Head of MENA for Binance, asserted that his company has put a lot of effort into working with global regulators “as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”
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